Case Brief
Reserve Bank of India further extended the Directions previously issued to Kolikata Mahila Co-operative Bank Limited, Kolkata, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directions had been in force from July 9, 2019 and were last extended up to July 9, 2020; this release extends them again from July 10, 2020 to October 9, 2020. RBI notes the directive is displayed at the bank’s premises and clarifies that the directions should not be construed as cancellation of the banking licence. The bank is permitted to continue banking business, but with restrictions, until its financial position improves and RBI decides otherwise.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Kolkata, West Bengal